AmeriCredit Corp. on Oct. 15 announced net income of $70.2 million, or $0.81 per share, for its first fiscal quarter ended Sept. 30, 2002, versus earnings of $78.7 million, or $0.88 per share, for the same period a year earlier.

Automobile loan purchases were $2.42 billion for the first quarter of fiscal 2003, an increase of 19 percent over loan purchases of $2.04 billion for the first quarter of fiscal 2002. AmeriCredit’s managed auto receivables totaled $15.7 billion at Sept. 30, 2002.

Annualized net charge-offs were 5.3 percent of average managed auto receivables for the first quarter of fiscal 2003. This compares to net charge-offs of 5.2 percent last quarter and 3.8 percent for the first quarter of fiscal 2002. Managed auto receivables more than 60 days delinquent were 3.5 percent of total managed auto receivables at Sept. 30, 2002, compared to 3.1 percent at Sept. 30, 2001.

“We have taken important steps to improve AmeriCredit’s financial flexibility and to enhance our financial transparency,” said AmeriCredit CEO Michael R. Barrington. “We successfully raised equity, slowed growth and managed expenses this quarter, all of which help position AmeriCredit for stronger long-term performance. And we are moving to on-balance sheet financing beginning with the December quarter to make it easier for all our stakeholders to understand our business.”

Starting in the December quarter AmeriCredit will structure its future securitization transactions as secured financings, which do not require the recognition of a gain-on-sale. Accordingly, net earnings will be recognized over the life of the receivables as finance charge and fee income, less related funding costs and a provision for losses.

AmeriCredit will host a conference call for analysts and investors at 9:00 a.m. Eastern Daylight Time on Wednesday, Oct. 16, 2002. For a live Internet broadcast of this conference call, go to the company’s Web site to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call.

About AmeriCredit

AmeriCredit Corp. is the largest independent middle-market auto finance company in North America.

Using its branch network and strategic alliances with auto groups and banks, the company purchases installment contracts made by auto dealers to consumers who are typically unable to obtain financing from traditional sources.

AmeriCredit has more than one million customers throughout the United States and Canada and more than $15 billion in managed auto receivables.

The company was founded in 1992 and is headquartered in Fort Worth, Texas.

For more information, visit www.americredit.com.